The business transactions of Robinson Company are given below Robinson factory manufactures furnitures and accounts manufacturing job costing system using normal costing Begin its operations with the given balances (on excel sheet) Purchase of direct $30 000 and indirect $20 000 materials on account Usage of direct material is $70,000, and indirect material is $10,000 Direct manufacturing labor is $30,000, and indirect manufacturing labor is $20,000 Incurrence of electricity usage for the factory is $2,000, sales store is $1 000 Allocation of manufacturing overhead is $20,000 Completion and transfer to finished goods is 34 000 units Depreciation expense for the sales store is $3 000, factory is $8 000 Incurrence of marketing and customer service cost is $30,000 Purchase of insurance policy for the car is $1 000 12 000 units sold at a unit sales price of $30 Requirements Journalize the transactions above Calculate the cost of goods sold (using FIFO) and Prepare an income statement with a separate supporting schedule of cost of goods manufactured

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The business transactions of Robinson Company are given below. Robinson factory manufactures furnitures and accounts manufacturing job-costing system using normal costing. Begin its operations with

The business transactions of Robinson Company are given below. Robinson factory manufactures furnitures and accounts manufacturing job-costing system using normal costing.

Begin its operations with the given balances (on excel sheet).
Purchase of direct $30.000 and indirect $20.000 materials on account.
Usage of direct material is $70,000, and indirect material is $10,000.
Direct manufacturing labor is $30,000, and indirect manufacturing labor is $20,000.
Incurrence of electricity usage for the factory is $2,000, sales store is $1.000.
Allocation of manufacturing overhead is $20,000.
Completion and transfer to finished goods is 34.000 units.
Depreciation expense for the sales store is $3.000, factory is $8.000.
Incurrence of marketing and customer-service cost is $30,000.
Purchase of insurance policy for the car is $1.000.
12.000 units sold at a unit sales price of $30.

Requirements: Journalize the transactions above. Calculate the cost of goods sold (using FIFO) and Prepare an income statement with a separate supporting schedule of cost of goods manufactured.